Against the backdrop of several complaints emanating from the banking public over services delivery and security in Nigeria’s nascent mobile banking environment, the Central Bank of Nigeria, CBN, is set to further improve the system.

The apex bank has also indicated that its consumer protection department is inundated with petitions and complaints mainly from the mobile banking activities.

Vanguard MoneyDigest inquest into the nature of the complaints shows that most of them relate to loss of money due to either malfunctioned platforms or outright fraud.

At the Vanguard Economic Forum Series, recently, CBN’s Director of Banking and Payment System Department, indicated that the apex bank is aware of the challenges in the mobile money services and is set to address the problems as they have already emerged while putting structures and procedures in place to forestall other forms of services failures in the banks that undermine customers’ satisfaction and security of their money.

He stated: ‘‘The CBN is currently reviewing the structure and processes of mobile money to make us becoming more responsive to the emerging new financial services landscape.

‘‘We are positioning our people to respond effectively to the emerging risk while also observing the payment system security and risk management to effectively ensure that the banking system is alert to the challenge of the more inclusive financial services sector.’’

Fatokun also noted that Nigerian banks are aggressive in the application of financial technology, Fintech, in delivery of services, and are globally competitive in this area. Read more<<<<<

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